Aker BP closes King Lear acquisition

Ula field center / Image source: Aker BP

Norwegian oil company Aker BP has completed the acquisition of the King Lear discovery located offshore Norway from its compatriot Equinor.

Equinor signed an agreement with Aker BP to sell its 77.8% operated interest in the King Lear discovery for a total of $250 million in October 2018. The transaction was subject to approval by Norwegian authorities.

Aker BP said on Friday, December 28 that all closing conditions had been fulfilled, and the closing of the transaction had taken place.

King Lear is a gas/condensate discovery that was made in 1989 in blocks PL 146 and PL 333 in the Ekofisk area of the NCS. Net recoverable resources are 77 million barrels of oil equivalent.

King Lear is located approximately 50 km south of the Ula field center. Aker BP’s goal is to develop King Lear as a satellite to Ula.

The remaining 22.2 percent interest in the discovery is held by Total E&P Norge.